What are Bitcoins? How to buy them and spend them? These are some of the most important questions hovering each mind these days. Well, Bitcoin is an incredible form of digital currency and the most important thing about it is that its transaction is made directly between seller and buyer with no involvement of a third party.
You might be surprised to know that this mysterious currency was created by a mysterious person who never appeared to claim its creation. Well, it does not really matter who created it but how it is booming in online marketing world these days really matters.
A large number of individuals from all across the world are getting involved in its trading. Before you know where to buy Bitcoins, you better know where you can actually spend them for bigger advantages.
Where Can You Spend Your Bitcoins?
Fortunately, the Bitcoin Community has been very active lately in discovering new ways to spend this new currency so the maximum number of users can buy, sell, mine or invest it. The number of active Bitcoin community merchants is increasing so quickly.
Below you can find just some of the exemplary places to use your BTC:
- BitPay: This platform has registered thousands of merchants who are safely using Bitpay payment procedures to accept and spend Bitcoins.
- SatoshiDice: It offers higher rate of return on spending of Bitcoins the most important thing about is it is that you don’t have to have an account for it.
- Coindl: Here you can buy your favourite songs, games, books and software against your Bitcoins.
- Bitmit: On this place you can buy electronic items such as headphones, books, headphones, digital items and subscription based services etc.
- Clothing Solution: Some of the websites like CryptoAnarchy, Bitmit, BitcoinPride offer clothing solutions against Bitcoin.
- VPN, Domain, Hosting & File Sharing : You can buy domain, hosting and VPN services from the sites like NameCheap, BitVPS etc.
- Local Restaurants: There are a large number of local businesses in major cities of USA as well as Europe where you can find restaurants that accept Bitcoins and serve you with their best food items.
- Home Electronic Items: A large range of home accessories such as electronic items, home appliances and tableware can also be bought.
- Travel & Tours; If you plan to travel but don’t want to get into currency exchange troubles, you can simply use your collection of Bitcoin.
- Rental Services: Real estate agencies have also started allowing their customers to deal in BTC and that a really big advantages for Bitcoin buyers.
Where Can You Buy Bitcoins?
If you are interested in buying Bitcoins, there are various places where you can make safe purchases such as Bitcoin.com, Bitcoin.org, Coindesk.com and various others. To make a purchase you can choose one of the two methods:
- Credit Card – Fastest Way
Just in a few minutes, you can buy as many Bitcoin as you want. Though, you have to pay some fees but this is a faster process. On contrary to the credit card process, a cheaper way is Bitcoin Exchange.
- Bitcoin Exchange – Cheapest Way
A Bitcoin exchange is basically a place to facilitate buying and selling Bitcoins by involving altcoins or fiat currencies. This is considered to be the cheapest way to invest your money.
How to Make a Purchase through an Exchange?
On an exchange people have to set up accounts so they can deal in Bitcoins. There are a large number of exchanges and when you want to choose one of them you have to see the ones available or based in your own country of residence. Here is a simple process:
Choose an Exchange in Your Country
When you want to buy Bitcoin, choose a company in your country. List of Bitcoin Companies available at Wikipedia gives you an access to various popular companies and some of them are as follow:
- Bitcoin Suisse AG
- Satoshi Citadel Industries
- HashCash Consultants
Note: When you are choosing a company, make sure to see if it can be a real investment for you or not.
Here are few important factors to keep in mind:
- Liquidity: Liquidity is an important factor while you are planning to choose an exchange because when you want to buy something you don’t want its price to get lower down at the time of reselling.
- Hidden Fees: The second important element is fees that are charge on sale and purchase of Bitcoins. Some companies might charge hidden fees which you would definitely like to avoid.
- Security: There must never be any compromise over the security. Bitcoin exchanges may be attacked and therefore it is must to look the security measures taken by the company you choose.
Next Steps to Finalise Your Purchase
Once you choose an exchange, setup your account if required, connect your bank or other sources of money transfer, select the amount you want to spend and done.